Treasury Wine Estates: Goldman Sachs Cuts to Sell

Goldman Sachs has cut Australia's Treasury Wine Estates (TWE.AU) to sell from neutral on concerns shares in the wine maker and exporter have priced in unrealistic volume growth.

Treasury Wine Estates' strong sales in China have powered the stock 30% higher over the past year and more than triple since 2014. But Goldman Sachs says the shares in the number one importer of wine into China may have got ahead of itself as investors are pricing in 30% year-on-year growth in Asia for 2019-2027, which they think is...